Chevron adds chapter to Asia divestment story

Multinational

HOUSTON, April 24, 2017 – Chevron has reached an agreement with Himalaya Energy Company on the sale of its wholly owned indirect subsidiaries in Bangladesh, the US major said on Monday.

The transaction covers operations in the Bibiyana field in Block 12, as well as the Jalalabad and Moulavi Bazar fields, located in Blocks 13 and 14, respectively.

Last month, Chevron completed the divestment of its geothermal business in Indonesia through an agreement with the Star Energy Consortium.

AC Energy, a unit of Philippine conglomerate Ayala, was a major party to the share and purchase agreement signed with Chevron earlier in the year. More specifically, the acquisition of Chevron’s assets in Philippine will be made via the AC Energy-Star Energy Group Holdings consortium.

Chevron held a 40% share of the Philippine Geothermal Production Company, which operates the Tiwi and MakBan geothermal fields in Luzon. The steam generated there is fed to power plants with a combined generation capacity of some 700 MW.

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